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What am I doing wrong? Post ch 7 bk

txbrneyes
New Member

What am I doing wrong? Post ch 7 bk

I filed for ch 7 in March 2016 and got my discharge Dec 29 2016.

In June 2016 I got an auto loan at 21%

I was pre-approved for a game stop cc and I accepted a 250 cl in Nov 2016.

Dec 2016 I got a 300 cl with Cap1

Jan 2017 I got a 300 cl with credit 1

May 2017 I accepted a pre-approval to refinance car at 11%

Jun 2017 I got a 300 cl with fingerhut, but don't use.

I use the cards and come close to paying off each month. I pay auto loan early and extra each month.

My credit score is 491. How do I improve it?


Message 1 of 11
10 REPLIES 10
Treasurecredit
Established Contributor

Re: What am I doing wrong? Post ch 7 bk

Is that a Fico score?

Message 2 of 11
Scupra
Super Contributor

Re: What am I doing wrong? Post ch 7 bk

Agree with above, is that a FICO? If not, what are your FICO scores? What else is on your reports, any other baddies? Do you have a ton of IIB accounts? You say you use your cards and almost pay them off, when are you making the payment? Are they reporting to the CRA's before your payment?

 

Sorry for all the questions we just need much more info to try and help. Welcome to myFICO Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 3 of 11
txbrneyes
New Member

Re: What am I doing wrong? Post ch 7 bk

Idk fico. Tu and eq both 491.

Almost everything came off my report after my bk and there is 1 utility bill that wasn't even mine, that I included, and a couple low balance cards hung around.

I have student loans but those have always been in good standing ... 10 years worth of good standing.

The balances on my cc reporting are after payments. It always shows 150-180 between the cards is being used.
Message 4 of 11
VoltaicShock
Established Contributor

Re: What am I doing wrong? Post ch 7 bk


@txbrneyes wrote:
Idk fico. Tu and eq both 491.

Almost everything came off my report after my bk and there is 1 utility bill that wasn't even mine, that I included, and a couple low balance cards hung around.

I have student loans but those have always been in good standing ... 10 years worth of good standing.

The balances on my cc reporting are after payments. It always shows 150-180 between the cards is being used.

From my understanding this should help you (maybe, someone else should chime in).

 

If you have 3 cards do this.

 

Have two report 0% and have the other one report 9%.  This is supposed to help your score.

 

Also your Chapter 7 is only a year old.  That is still relatively new to your credit report.  It will have less of an impact over the coming years as it gets closer to being dropped off.



FICOBeginning (6/2017)Current
Equifax636707
Transunion627725

Experian623726
Message 5 of 11
StartingOver10
Moderator Emerita

Re: What am I doing wrong? Post ch 7 bk


@txbrneyes wrote:
Idk fico. Tu and eq both 491.

Almost everything came off my report after my bk and there is 1 utility bill that wasn't even mine, that I included, and a couple low balance cards hung around.

I have student loans but those have always been in good standing ... 10 years worth of good standing.

The balances on my cc reporting are after payments. It always shows 150-180 between the cards is being used.

Actually it looks like you are getting your information from Credit Karma.  Is there where you obtained your scores?  If so, those are not FICO scoresm those are Vantage scores. Vantage scores are nothing like FICO scores and it is probable that your actual FICO scores are higher.  Do not use VANTAGE scores for your measure of improvements. I know my Credit Karma scores are at least 100 points lower than my FICO scores. Don't use them. It's depressing. Smiley Mad

Message 6 of 11
txbrneyes
New Member

Re: What am I doing wrong? Post ch 7 bk

I went ahead and spent $20 for my fico score. It's 587. Wow. Much better. Not as depressing.
Message 7 of 11
StartingOver10
Moderator Emerita

Re: What am I doing wrong? Post ch 7 bk


@txbrneyes wrote:
I went ahead and spent $20 for my fico score. It's 587. Wow. Much better. Not as depressing.

^^^ Yes!  Much better place to start.

 

Look at the Rebuilding Your Credit subforum for tips on increasing your score. One of the things that is very important is paying on time each and every month as that is 35% of your score. Plus, another 30% of your score is the utilization of your revovlving credit. Ideally you want to be using less than 9% of one of your credit limits and have the other cards at zero.  This will optimize your scores.  Here is a graphic to give you an idea of the broad strokes for the score calculations:

 

FICO Scores chart

 

Message 8 of 11
VoltaicShock
Established Contributor

Re: What am I doing wrong? Post ch 7 bk


@StartingOver10 wrote:

@txbrneyes wrote:
Idk fico. Tu and eq both 491.

Almost everything came off my report after my bk and there is 1 utility bill that wasn't even mine, that I included, and a couple low balance cards hung around.

I have student loans but those have always been in good standing ... 10 years worth of good standing.

The balances on my cc reporting are after payments. It always shows 150-180 between the cards is being used.

Actually it looks like you are getting your information from Credit Karma.  Is there where you obtained your scores?  If so, those are not FICO scoresm those are Vantage scores. Vantage scores are nothing like FICO scores and it is probable that your actual FICO scores are higher.  Do not use VANTAGE scores for your measure of improvements. I know my Credit Karma scores are at least 100 points lower than my FICO scores. Don't use them. It's depressing. Smiley Mad


Odd, my Vantage Scores are always higher than my FICO scores.



FICOBeginning (6/2017)Current
Equifax636707
Transunion627725

Experian623726
Message 9 of 11
Scupra
Super Contributor

Re: What am I doing wrong? Post ch 7 bk


@VoltaicShock wrote:

@StartingOver10 wrote:

@txbrneyes wrote:
Idk fico. Tu and eq both 491.

Almost everything came off my report after my bk and there is 1 utility bill that wasn't even mine, that I included, and a couple low balance cards hung around.

I have student loans but those have always been in good standing ... 10 years worth of good standing.

The balances on my cc reporting are after payments. It always shows 150-180 between the cards is being used.

Actually it looks like you are getting your information from Credit Karma.  Is there where you obtained your scores?  If so, those are not FICO scoresm those are Vantage scores. Vantage scores are nothing like FICO scores and it is probable that your actual FICO scores are higher.  Do not use VANTAGE scores for your measure of improvements. I know my Credit Karma scores are at least 100 points lower than my FICO scores. Don't use them. It's depressing. Smiley Mad


Odd, my Vantage Scores are always higher than my FICO scores.


My vantage scores are always lower as well. We will never know Smiley Very Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 10 of 11
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